In the wake of the worst holiday shopping season in memory, retailer chain Target has announced layoffs.
Target, however, has not announced the extent of the layoffs. According to reports, the Minneapolis retailer started to notify workers of the job cuts this morning. A spokesperson for Target declined to elaborate until all involved were informed.
I'm sure that's no comfort at all for Target employees; it's hard to say whether knowing the number involved in a layoff is better than not knowing, but personally, I would prefer to know if it were 500 or 5,000.
The company plans to release more details this afternoon. In a statement, Target said:
Like many other companies, Target is taking actions to manage payroll and non-payroll expense in the current economic environment. We believe the decisions we are making, though difficult, represent appropriate actions to manage our business and maintain our competitive advantage going forward. While we can confirm that these actions include a workforce reduction, we cannot provide additional details at this time out of respect for our team members. We will provide more information at an appropriate time later today once we have more fully addressed the needs of our team.
All we need to see now is a WalMart layoff (which, in reality, would not be surprising) to know just how poorly the retail environment has become.
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